Trading ideas: Jiankun, Ranhill, Tan Chong Motor, Pecca, Kossan, UOA, Mitrajaya

KUALA LUMPUR: Stocks to watch on Wednesday include Jiankun International Bhd, Ranhill Utilities Bhd, Tan Chong Motor Holdings Bhd, Pecca Group Bhd, Kossan Rubber Industries Bhd, UOA Development Bhd and Mitrajaya Holdings Bhd, according to JF Apex Research.

Jiankun International has inked a memorandum of understanding (MoU) with Chuanplus Industries Sdn Bhd to invest RM50mil to produce nitrile rubber.

Chuanplus is a nitrile rubber producer based in Nilai, Negeri Sembilan.

Ranhill Utilities said the National Water Services Commission has renewed the group's licence to treat and supply treated water to consumers in Johor for the next three years.

Tan Chong Motor has teamed up with China’s GAC Motor International Ltd to look into selling and assembling the latter’s vehicles in Malaysia and Vietnam.

Pecca said 246 employees of its subsidiary tested positive for Covid-19 in a recent screening, and the affected firm has decided to temporarily cease operations.

Another 563 employees of Kossan Rubber tested positive for Covid-19 as of yesterday, causing the affected plant in Klang to remain suspended until Dec 30.

This raises to 990 the number of Kossan employees who have been infected with the virus.

Dynasty Portfolio Sdn Bhd — an indirect subsidiary of UOA Development — has subscribed for new units under UOA REIT private placement for RM52.65mil or RM1.10 per unit.

Mitrajaya is acquiring a 60% stake in a plantation works and sand extraction company from its own group managing director and major shareholder Tan Eng Piow, for RM15.9mil.

PKF Malaysia has voluntarily resigned as the external auditor of Fintec Global, citing "resources constraint".

Meanwhile, US stocks fell following the Congress approved a long-delayed fiscal stimulus package as investors inclined to book in profit after registering solid gains in 2020.

European stocks ended higher, rebounding from yesterday's sell-off amid lingering worries on new coronavirus strain in the UK.

“We expect the local bourse to trade sideways in the absence of a positive catalyst to spark buying interest,” JF Apex said.